We are excited to announce the passage of this latest Consolidated Appropriations Act (CAA 2023), which President Biden signed into law on December 29, 2022, which brings limited relief for the impact of benefit limitations from a tax-qualified pension plan[…]
After the close of business on January 20, 2023, the following historical documents will be archived: Retirement plan adoption agreements dated before July 1, 2022 (the effective date of the 401(k) Pension Plan and Retirement Security Plan restatements) Nondiscrimination test[…]
Effective January 1, 2023, to comply with recent regulatory guidance, withdrawal and distribution forms developed by NRECA for the 401(k) Pension Plan and Retirement Security Plan must include IRS Forms W-4P and/or W-4R, based on the type of transaction being[…]
Effective January 1, 2023, the 401(k) Pension Plan’s loan interest rate, which is set quarterly at 1% more than the nation’s prime interest rate, will increase to 8.5%. Things you and your employees should consider about loansIf your cooperative offers[…]
The Internal Revenue Service has issued the interest rates used to calculate Retirement Security (RS) Plan single cash payments in 2023. Different rates are used depending on when an employee earned benefits within the RS Plan. The GATT rate (30-year[…]